Market Overview

UPDATE: Oppenheimer Raises PT on Panera Bread on Expected Range-Bound Cycle End

Share:
Related PNRA
Which Companies Could Avian Flu Hurt The Most?
Pizza Hut, Taco Bell Pledge To Remove Artificial Ingredients
Chipotle Stock Pops On Higher Traffic, Pork's Return (Investor's Business Daily)

In a report published Wednesday, Oppenheimer analyst Brian Bittner reiterated an Outperform rating on Panera Bread Co. (NASDAQ: PNRA), and raised the price target from $190.00 to $200.00.

In the report, Bittner noted, “A range-bound stock for over a year, we believe the ‘buy' opportunity is now. We expect a breakout to $200 by year-end as Street projections increase and the market rolls valuation to '14 (we predict '14 EPS of $8.50-9.00, vs Street's $8.10). Stock has a favorable set-up owing to: 1) low traffic expectations, despite improving backdrop and a plethora of bottom-up drivers; 2) recent two-year sales trend suggests upside to 1Q13 comps; 3) margins appear conservatively modeled and falling wheat prices could add extra boost; and 4) accretive cash use remains a back pocket catalyst. Raising price target to $200 from $190.”

Panera Bread Co. closed on Tuesday at $165.33.

Latest Ratings for PNRA

DateFirmActionFromTo
May 2015Deutsche BankInitiates Coverage onHold
May 2015Cowen & CompanyUpgradesMarket PerformOutperform
Apr 2015JefferiesMaintainsHold

View More Analyst Ratings for PNRA
View the Latest Analyst Ratings

Posted-In: OppenheimerAnalyst Color Price Target Analyst Ratings

 

Related Articles (PNRA)

Around the Web, We're Loving...

Get Benzinga's Newsletters